To reduce traffic congestion, the Southern California Council of Governments (SCAG) advocate the implementation of:
A. a congestion tax.
B. a gas tax
C. a bus subsidy
D. a car sales tax.
Answer: A
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_____ is the ratio of an economy's output to its stock of labor and capital
a. Productive capacity b. Multifactor productivity c. Marginal product of labor d. Workforce productivity e. Total factor productivity
Within the AD/AS model, how does an economy adjust to an output beyond its long-run capacity as a result of an unanticipated increase in aggregate demand?
a. Wage rates and resource prices will fall, causing a decrease in aggregate demand and the restoration of equilibrium at a higher price level. b. Long-run aggregate supply will increase, leading to a new equilibrium at a lower price level. c. Resource prices and real interest rates will rise causing output to fall back to its long-run sustainable rate. d. Lower real interest rates will stimulate demand and restore equilibrium at the initial price level.
Which of the following is not an oligopolist?
A. The cigarette industry B. Your local water company C. The automobile industry D. OPEC
In product markets:
A. businesses sell resources to households. B. households sell products to business firms. C. businesses sell goods and services to households. D. households sell resources to business firms.